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Seanad
‹ Order of Business

Shareholder opposition to proposed takeover

Summary

Senator Barrett welcomes the Low Pay Commission but then objects to a proposed PR-driven takeover, arguing that shareholders have not been given adequate information and deserve a full debate.

I compliment the Minister of State, Deputy Gerald Nash, on establishing the Low Pay Commission and nominating Dr. Donal De Buitléir as the chairman. The commission's economists are Ms Mary Mosse from Waterford Institute of Technology and Professor Donal O'Neill from Maynooth University. We have a problem with low pay and increasing inequality. The Minister of State has chosen wisely.

I wish the Minister for Finance, Deputy Michael Noonan, a speedy recovery from his eye ailment. As Lord Kitchener said, "Your country needs you." This applies where the Minister is concerned.

I propose that we consider taking very soon non-Government motion No. 14. It is not in my name but in the names of other Senators and concerns Aer Lingus. What we now have is the refusal of the chairman of Aer Lingus to disclose the vote at his board when the takeover was agreed. There is substantial evidence of utter collusion between the two airlines. They were singing from the same sheet when in to see us one week after the other. There is evidence in the UK courts that Aer Lingus and British Airways blamed Ryanair for not allowing them to sell the Heathrow Airport slots. They then told us they never wanted to sell the slots. There is a smell from this deal. I was most disappointed to see members of the Fine Gael Party being chatted up on the front page of The Irish Times today and claiming they favour the deal. We have not debated the issue here and have to hear both sides. That is not happening.

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Back to the 1990s again.

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What one gets is a PR-driven takeover whereby we, representing 25.1% of the shareholders, are not even given a prospectus as to why we should agree with this. We should not consent to any done deals being promoted in the media. The situation is getting more serious by the day and it is time that we had a full debate in this House. There is a motion tabled that I believe should be taken.

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